Scott Kay

Scott Kay is a career healthcare investor who founded Asymmetry Capital Management in San Francisco in Q1 2012, launching its U.S. Fund in January 2013 and an Offshore Fund in September 2013. He served as the firm's Founder, Principal, Chief Investment Officer, and Portfolio Manager. Asymmetry ran a diversified, global healthcare long/short equity strategy — typically 45–55 positions (roughly 20–30 longs and 20–25 shorts) — and managed capital for and sub-advised global banks, wealth-management firms, family offices, and high-net-worth individuals. Public databases (Preqin, Crunchbase, Owler) indicate the firm's funds were liquidated around January 2022.

His career began in industry rather than finance: he spent roughly eight years at Pfizer Inc., participating in major pharmaceutical product launches, before moving to the sell side as a research analyst at Banc of America Securities, where he rose to become an Institutional Investor ("II")-ranked Senior Global Pharmaceutical Analyst. In 2003 he joined Andor Capital Management, a multi-billion-dollar long/short equity hedge fund, as a VP/Research Analyst covering specialty and large-cap pharmaceuticals. In 2004 he became a Founding Partner and Therapeutic Sector Head at Partner Fund Management (PFM), a large San Francisco long/short equity firm, where he founded the PFM Healthcare Fund. He left PFM in 2011 to launch Asymmetry. He holds a B.S. in Marketing with a finance concentration from SUNY Oswego. Multiple aggregators list him more recently as a Portfolio Manager at Balyasny Asset Management (BAM) on the West Coast.

Note on classification: The stub data provided ("Angel Investors / Seed Round") does not match what public sources describe. Scott Kay's Asymmetry Capital Management is a healthcare hedge fund investing in public equities, not startups. There is a separate, unrelated seed-stage venture firm called Asymmetry Ventures (founded by Rob Ness) — the two appear to have been conflated. No verifiable record of Scott Kay making angel or seed-stage startup investments was found; therefore the "Notable Investments" and thesis sections below reflect his actual public-markets strategy rather than fabricated venture deals.

• Invests across the entire healthcare sector — therapeutics/pharma, biotech, medical devices, diagnostics, healthcare IT, health insurers, and healthcare services — using deep fundamental, bottom-up research.
• Runs a global long/short equity book with lower net exposure, aiming to generate returns from both longs and shorts rather than directional market beta.
• Seeks "asymmetric" risk/reward setups: a stated target of at least a 3:1 reward-to-risk ratio on longs and roughly 2:1 on shorts, identifying valuation disparities via fundamental deep-dives.
• Pairs stock selection with formal risk control — in his own words, "individual stock selection operates within a framework of equally rigorous and disciplined portfolio and risk management."
• Not a venture/seed investor: available evidence points to public-market securities, not angel checks into startups.